Soybeans were lower on fund and technical selling. Most forecasts have improved chances of rain in Argentina into midweek next week, which should also hit parts of southern Brazil. Some production potential has been lost, reflected in recent lower estimates from private and governmental entities, but the precipitation will help in parts of the region. Forecasts for central and northern Brazil look drier, which should allow harvest pick up steam. The USDA’s next round of projections is out February 9th.

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